The Sears Holdings board approved a rights offering through which the retailer will spin off its Sears Hometown and Outlet Stores Inc. subsidiary, setting a record date of Sept. 7. The transferable subscription rights will enable those owning Sears Holdings common stock to buy Sears Hometown common shares on a pro-rata basis. A distribution date for the rights, to be issued on a one-for-one basis, has yet to be set, according to Hoffman Estates, Ill.-based Sears Holdings
SHLD, +1.22%
The company’s timetable calls for completion of the rights offering during in the third quarter of fiscal 2012. The exercise price of the subscription rights, expected to be listed on the Nasdaq Capital Market under the symbol SHOSR, will be $15 per whole share of Sears Hometown. Following the separation, Sears Hometown common shares are expected to trade under the symbol SHOS. If the subscription rights are exercised in full, Sears Holdings said it would have no ownership interest in Sears Hometown, which will become a publicly traded company independent of Sears Holdings, the parent of the Sears and Kmart retail chains. Terms also call for Sears Hometown to pay a cash dividend to Sears Holdings prior to the separation, borrowing $100 million under an asset-based senior secured revolving credit facility it’s expected to negotiate; maximum borrowings under the facility would be $250 million.

WellPoint
WLP
said that Angela Braly has been fired as chairman, president and chief executive and that the Indianapolis-based health insurer is “actively searching” for a successor. “Now is the right time for a leadership change,” said Jackie Ward, WellPoint’s lead director, in a company statement late Tuesday. Ward, named non-executive chair of WellPoint’s board, also issued a vote of confidence in the rest of the company’s senior management: “We believe the remaining executive team is dynamic and strong.” Along these lines, John Cannon, who serves as general counsel among other executive posts, will become WellPoint’s president and CEO on an interim basis. Braly’s five-year tenure running WellPoint became increasingly stormy, with stockholders expressing dissatisfaction following decisions to divest the company’s pharmacy-benefits management business and, most recently, to acquire Amerigroup Corp.
AGP, +0.00%
at a sizable premium.

Continuing toward the final dissolution of the Charlotte-based company, MedCath’s board declared a cash distribution of $6.33 a share to be paid Sept. 21 to stockholders of record as of Sept. 10. However, MedCath
MDTH
said the board also elected to hold back $48 million, equating to $2.36 a common share, to “provide a source of funds for contingencies” that may arise as the company winds down final operations. Nasdaq trading in MedCath’s common stock will be suspended after the close of trading on Sept. 21, the company said.

Also late Tuesday, Medivation Inc.
MDVN, +8.62%
announced a 2-for-1 forward split of its common stock. It’s payable Sept. 21 to holders of record as of Sept. 7, the San Francisco-based biopharmaceutical company said.

Tuesday earnings recap

Dycom Industries Inc.
DY, +0.72%
reported a net profit of $13.3 million, or 39 cents a share, for the fourth quarter ended July 28, up from $13 million, or 38 cents, earned in the same period during fiscal 2011. Quarterly revenue reached $318 million from the prior year’s $303.7 million. Both earnings and revenue for the Palm Beach Gardens, Fla.-based provider of specialty contracting services came in below analysts’ consensus forecasts.

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